Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,187 $ 554
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,346 6,051
Amortization of debt issuance costs 271 388
Amortization of deferred rent assets and liabilities, net (67) (179)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 23 (33)
Loss from investments in unconsolidated entities 29 13
Bad debt expense 67 0
Loss on dispositions of real estate assets, net 976 798
Property and casualty recovery, net (49) 0
Changes in operating assets and liabilities:    
Other assets, net (1,558) (924)
Accounts payable and accrued expenses and Due to related parties, net (344) 1,099
Other liabilities, net (1,328) (1,111)
Net cash provided by operating activities 7,553 6,656
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets 0 (1,579)
Capital expenditures on existing real estate assets (3,518) (3,027)
Deposits on prospective real estate acquisitions and investments (54) (800)
Net cash used in investing activities (3,572) (5,406)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 48,823 35,868
Offering costs (3,285) (1,447)
Proceeds from issuance of cumulative term preferred stock 0 60,375
Borrowings from notes and bonds payable 5,122 9,903
Repayments of notes and bonds payable (12,910) (4,973)
Payments of financing fees (708) (2,223)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (3,599) (2,676)
Distributions paid on non-controlling common interests in Operating Partnership (28) (9)
Distributions paid on common stock (4,664) (3,642)
Net cash provided by financing activities 28,692 62,426
NET INCREASE IN CASH AND CASH EQUIVALENTS 32,673 63,676
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,708 9,218
CASH AND CASH EQUIVALENTS AT END OF PERIOD 49,381 72,894
NON-CASH INVESTING AND FINANCING INFORMATION:    
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions, net 0 3,970
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 5,162 692
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 22 0
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 20 165
Unrealized gain (loss) related to interest rate hedging instruments (3,694) (133)
Dividends paid on Series C Preferred Stock via additional share issuances 119 21
Series B And C Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of preferred stock (59) 0
Series A Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of preferred stock $ 0 $ (28,750)